Author Topic: It's your wedding so you  (Read 913 times)

0 Members and 1 Guest are viewing this topic.

Offline theking

  • Elite Poster
  • *****
  • Posts: 59164
  • Respect: +1322
    • View Profile
It's your wedding so you
« on: October 25, 2023, 01:58:17 PM » for it, NOT your parents:

'A pointless showing of wealth': This New York dad says he refused to pay $200K for his daughter's lavish wedding — and now she won't speak to him. But what should kids reasonably expect?

For many parents, your child getting married is a day of celebration that’s full of photo-worthy moments, tears and loved ones. But for some, that celebration comes with a steep price tag and no small amount of family drama.

A New York man’s story went viral on Reddit after he posted about his daughter who stopped speaking to him after he refused to foot the bill for her wedding plans.

He claimed she wanted him to cough up $200,000 so that she and her husband could tie the knot in New Zealand.

“My wife feels I should do it because we can afford it, but I find it to be a pointless showing of wealth,” the father wrote on Reddit. “Should I bite the bullet and essentially burn money?”

So how do you strike a balance between helping your child have the day of their dreams while keeping yourself on track for your own financial goals such as retirement?

Should you pay for your kid’s wedding?
There’s no easy answer to this father’s question – especially with the high price of weddings.

Couples spend an average of $30,000 on their nuptials, according to The Knot’s 2022 Real Weddings Study. That same data shows that the average marriage age is now 30-years-old, an age group that is being hit particularly hard by from high inflation, wage stagnation and record debt levels. Many Americans, millennials included, don’t even have $400 saved – much less $30,000 – so it makes sense they’re turning to the bank of mom and dad to fund their wedding.

Before you even ask if you should pay for your child’s wedding, take a look at your savings. Do you have $30,000 sitting around or would you have to dip into your retirement savings? Personal finance personality Suze Orman warns parents not to jeopardize their retirement nest egg or put themselves in debt to finance their kids.

Like this post: 0


Offline Visualmon

  • Sr. Poster
  • ****
  • Posts: 6825
  • Gender: Male
  • Respect: +379
    • View Profile
Re: It's your wedding so you
« Reply #1 on: October 25, 2023, 08:08:45 PM »
I don't get why western and eastern have to pay for the wedding.  ???

Judaism and Christianity back then don't do this kind of thing.  ;D

Like this post: 0
There's no need for you to hide. I already saw you.

Offline Believe_N_Me

  • Elite Poster
  • *****
  • Posts: 14266
  • Respect: +456
    • View Profile
Re: It's your wedding so you
« Reply #2 on: December 26, 2023, 04:07:16 PM »
The initial reason why parents paid for the wedding was for transactional purposes. The bride was being transferred to the groom's family/clan. This was customary for many cultures.

Nowadays, I look at it as a way to help my child get setup for married life. It's the last gesture of their singlehood. However, there is a limit. If they want to go beyond that price then they will have to come up with the rest of the money.  O0

Like this post: 0